Another big fiscal event for Rishi Sunak today, as he delivered his Budget and the details of a three-year spending review. For the first time, Covid-19 wasn’t in the spotlight. Instead it was framed as a big-spending event, confirming plans briefed before the Budget — £7 billion in capital spending for the NHS, end of the public sector pay freeze — and announcing a series of new plans, including the return of increased foreign aid spending at 0.7 per cent of GDP by 2024-25. But break down the numbers and there are even more surprises in store. Here are the six things we learnt from today’s Budget:
The tax take hits a record high
Tax as a percentage of GDP is heading towards a staggering 70-year high, up from 33.5 per cent pre-pandemic. While the percentage dips slightly in 2022, its trajectory for the medium-term is on the up, climbing to over 36.2
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